Ora Banda Mining Ltd. (AU:OBM) has released an update.
Ora Banda Mining Ltd. reported a productive March 2024 quarter with a 7% increase in gold production to 17,368 ounces, marking the third consecutive quarter of growth, and a significant development progress at Riverina Underground. Despite poor weather affecting operations, the company managed to complete a $30 million placement to fund the potential second underground mine at Sand King, following promising exploration results. Ora Banda also successfully closed a joint venture deal, enhancing its financial position with a recent $11.71 million payment, and anticipates further growth with a solid $31.5 million cash balance.
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